Ann Taylor owner Ascena Retail reports mixed 3Q results, significant revenue miss
Ascena Retail Group Inc (NASDAQ:ASNA) posted fiscal third-quarter results late Monday dampened by a sizable revenue miss.
The owner of brands such as Ann Taylor, LOFT and Dressbarn saw revenue remain flat at $1.3 billion, coming up short of the $1.4 billion consensus estimate. Comparable sales were also unchanged.
The New Jersey company’s adjusted loss widened to $0.26 per share year-over-year from $0.08, which was a smaller hit than the $0.37 loss called for by analysts.
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Broadly, its premium fashion brands – Ann Taylor and LOFT – saw a comparable sales bump of 5%, while its plus fashion, kids fashion and value fashion segments all lost ground.
Value fashion, though, may be on its way out. The company completed its divestiture of the maurices brand this quarter and announced in May that Dressbarn would close all 650 of its locations.
“Third-quarter results were better than anticipated, driven by stronger comps. With the elimination of our value fashion segment, we are already re-aligning our financial and human capital to support the areas of the business with the greatest growth potential,” CEO Gary Muto said. “We have some of the most iconic brands in retail, and are well-positioned in our customers’ minds to capitalize on the equity built into these brands.”
Contact Andrew Kessel at [email protected]
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Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/221885/ann-taylor-owner-ascena-retail-reports-mixed-3q-results-significant-revenue-miss-221885.html
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